This Morning in Metals: E.U. hits Turkish iron, steel with duties

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Commodities, Imports
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Andrey Kuzmin/Adobe Stack

This morning in metals news: new E.U. duties on iron and steel imports from Turkey take effect today; meanwhile, the Aluminum Association commented on President-elect Joe Biden’s nomination for the post of secretary of commerce; and natural gas prices fell to their lowest levels in decades last year.

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E.U. duties on Turkish iron, steel

E.U. duties on Turkish iron and steel imports are set to take into effect today, Reuters reported.

According to the report, the anti-dumping duties will range from 4.8-7.6%.

Meanwhile, the European Steel Association (Eurofer) in May 2020 filed the initial complaint that sparked the probe. In September 2020, Eurofer petitioned for the registration of Turkish hot-rolled steel imports.

Elsewhere, MetalMiner contributor Christopher Rivituso earlier this week surveyed the Turkish steel market.

Aluminum Association comments on Biden’s pick to lead DOC

On the heels of President-elect Joe Biden’s announcement that he intends to nominate Rhode Island Gov. Gina Raimondo for the post of secretary of commerce, the Aluminum Association released a statement.

“We look forward to working with Governor Raimondo on a variety of important issues facing the U.S. aluminum industry,” Aluminum Association President and CEO Tom Dobbins said in a statement released Thursday. “Given her work in Rhode Island and as a former chair of the Democratic Governors Association, Gov. Raimondo has cultivated a strong relationship with the business community, including manufacturers. The industry has two antidumping and countervailing duty cases on flat-rolled aluminum currently under review by the Commerce Department and the U.S. International Trade Commission with final decisions expected in 2021.”

Furthermore, Dobbins added the industry group will continue to advocate for reforms to the Section 232 aluminum tariff exclusion process.

Natural gas prices plummet

In energy news, U.S. natural gas prices last year fell to their lowest in decades, the Energy Information Administration (EIA) reported.

“In 2020, natural gas spot prices at the national benchmark Henry Hub in Louisiana averaged $2.05 per million British thermal units (MMBtu), the lowest annual average price in decades,” the EIA reported. “Prices started the year relatively low because mild winter weather led to less natural gas demand for space heating. Prices remained low as economic effects induced by the COVID-19 pandemic reduced both natural gas production and consumption.”

In addition, spring weather also contributed to the decline in natural gas prices, the EIA noted.

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